Platinum Communications Corporation Reports First Quarter Financial Results
18 January 2014 - 1:30AM
Business Wire
Platinum Communications Corp. (TSX-V: PCS) today
announced financial results for the three months ending November
30, 2013.
Highlights for the three months, include the following:
- Platinum’s revenues from operations for
the three months ending November 30, 3013 increased 24% compared to
the same three month period of fiscal 2012. The acquisition of two
competitors in the past nine months contributed the majority of the
increase and accelerated activity with our commercial clients
provided the balance of the increase. In addition, the acquisitions
increased Platinum’s customer base by over 2,000 customers to
12,258 customers now serving 180 communities.
- Gross profit increased by 16%. Earnings
before interest, tax, depreciation and amortization decreased due
to additional employees, increased operating costs and transaction
costs related to the acquisitions.
- Cash provided by operating activities
was $378,478 in Q1 2014 compared to $468,549 in the same quarter of
fiscal 2013, a decrease of 19%. Platinum recorded Net Income of
$116,389 for the first quarter of fiscal 2014 a decrease of 47%
over the net income recorded in the same quarter of the previous
year.
- As of the date of this release Platinum
has approximately $502,000 of available cash.
SELECTED HIGHLIGHTS1
Three months ended November 30,
2013 2012
%
Change
Revenue
$2,440,143 $1,960,781 24
Gross profit
1,540,625 1,327,101 16
Earnings before interest, tax,
depreciation and amortization3
590,647 594,157 -1 Net income
116,389 219,708 -47
Earnings per share, basic and diluted
0.0021 0.0040 -48
Cash provided by operating activities
378,478 468,549
-19 ARPU(Average revenue per user)
196 188 4
Customers
12,258 10,189 20 Common Shares Outstanding
55,966,731 55,593,398 1 Return on Equity
8.5%
17.2% -50
1 Includes the previously announced acquisition of Community
Networks Inc. and Hybrid southern Alberta residential customers
from March 1, 2013 and November 1, 2013 respectively.
2 Gross Profit is a widely accepted measure of financial
performance used by some analysts and investors to analyze and
compare companies on the basis of operating performance. Gross
profit is not defined under IFRS and should not be considered in
isolation or as an alternative to, or more meaningful than, net
income or cash flow as determined in accordance with IFRS as an
indicator of the Corporation’s performance or liquidity. Platinum’s
gross profit is unlikely to be comparable to similar measures
presented by other companies.
3 Earnings before interest, tax, depreciation and amortization
is a widely accepted financial indicator used by some analysts and
investors to analyze and compare companies on the basis of
liquidity. Earnings before interest, depreciation and amortization
is not defined under IFRS and should not be considered in isolation
or as an alternative to, or more meaningful than, net income or
cash flow as determined in accordance with IFRS as an indicator of
the Corporation’s financial performance or liquidity.
Platinum is a leading provider of superior quality fixed
wireless Internet and Broadband solutions in Alberta. Based in
Calgary, Platinum operates a wireless broadband network that
utilizes Next-Generation Wimax technology to bring fast, reliable
and affordable Internet and digital phone service to residents and
businesses across the province. Serving approximately 12,000
customers in over 180 communities, Platinum caters primarily to
rural and near-urban markets that are often beyond the reach of
traditional Internet providers. Platinum’s high quality
infrastructure, excellent service record and ever-growing network
and capabilities, make it the provider of choice for customers
within its vast coverage area. For more information please visit
our website at www.platinum.ca or call 403-301-4591.
This news release may contain forward-looking statements. These
forward-looking statements do not guarantee future events or
performance and should not be relied upon. Actual outcomes may
differ materially due to any number of factors or uncertainties,
many of which are beyond Platinum's control. Some of these risks
and uncertainties may be described in Platinum's corporate filings
(posted at www.sedar.com). Platinum has no intention or obligation
to update or revise any forward-looking statements due to new
information or events.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
For further information please contact: Bernard Parkinson, CEO
Katherine Kirkup, CFO Phone
(403) 301-4591 Phone (403) 301-4594
Platinum Communications Corp.Bernard D. Parkinson,
403-301-4591CEObparkinson@platcom.caorKatherine Kirkup,
403-301-4594CFO
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